Home Equity Line of Credit

A Home Equity Line of Credit, known as a HELOC, lets you use the equity in your home to borrow money for home renovations, education and more. It is a mortgage loan that lets you the borrower take multiple advances of the loan proceeds at your discretion. The maximum amount that you can borrow is 65% of the appraised value of your home. You can pay it back at your own pace, as long as you always make your interest only payment once a month. As your outstanding balance decreases your available credit increases. As the rate on your HELOC is variable the rate is not guaranteed and may change at the lenders discretion. Generally the rate is based on the prime rate. This means that the interest rate can be change over time.

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